CPO Futures Lower on Bearish Sentiment

KUALA LUMPUR: Crude palm oil futures closed lower yesterday on concerns of the global economy following Hurricane Sandy which caused havoc to major cities in the US, dealers said.

Dealers said prices were also lower on Indonesia’s decision to cut its export tax for CPO from 13.5 per cent to nine per cent. 

November 2012 lost RM33 to RM2,392 a tonne, December 2012 eased RM41 to RM2,451, January 2013 fell RM47 to RM2,501 and February 2013 slipped RM39 to RM2,542. 

Turnover slipped to 33,602 lots from 36,345 lots while open interest fell to 158,102 from 160,794 contracts previously.


On the physical market, November South fell to RM2,380 a tonne from RM2,400 on Monday. 


Source : Business Times
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